FIRST LOOK – The Atlantic’s “Joshua Green joins Bloomberg Businessweek as senior national correspondent … Green will focus on political coverage for the magazine and Businessweek.com and will be based in Washington. ‘Josh is a great reporter and writer. He knows how to break news and he writes about complicated issues and personalities in memorable prose,’ said Bloomberg Businessweek Editor Josh Tyrangiel.”

WHITE HOUSE VIDEO: As part of the new Campaign to Cut Waste, the White House is soliciting ideas to save money from frontline federal workers. Winner gets what Cantor and Boehner definitely don’t want any more of this week: time with POTUS in the Oval. Deets about the President's SAVE Award on a video narrated by the WW’s own velvet fog, Josh Earnest. http://1.usa.gov/r3OYoh

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RUPERT MURDOCH ON TWO MAG. COVERS:

--TIME, “Tabloid Bites Man”: “For decades there have been three main forces in British politics: the Conservative and Labour parties, alternately holding power and seeking it, and Rupert Murdoch and his ‘red-tops,’ the [now-shuttered] News of the World and the Sun, so called for the scarlet mastheads that signaled to readers there would be nothing too highbrow in their pages.” http://ti.me/n0IyJV

--Bloomberg Businessweek, “MURCHOCH’S MESS”: “[B]y letting the damage get so severe before conceding there might be something rotten at News Corp., Murdoch and his management team have allowed the tiny print newspaper division—just 3 percent of overall profit in the most recent quarter—to imperil the broader company.” http://buswk.co/p6sU3r

THE NARRATIVE – “Global warnings raise stakes in US debt standoff” – AFP’s Olivier Knox: “Moody's … sparked worldwide concern when it placed Washington's triple-A debt rating on a downgrade watch … China also expressed concern after its Dagong credit ratings agency echoed Moody's by putting US sovereign debt on downgrade watch, citing weak US economic growth and the likelihood that fiscal deficits would remain high. The unease in Beijing raised the specter of global economic consequences should Washington fail to raise its debt ceiling, as China is by far the top holder of US debt.”

--QUOTE DU JOUR -- House Majority Leader Eric Cantor, in an interview, per Jake Sherman and Jonathan Allen: “Nothing can get through the House right now. … Nothing.”

--BGov interactive graphic on debt limit lets you click options to see effect on spending. http://bit.ly/q69xHA

--TAX REFORM STAYS IN PLAY-- David Rogers: “[B]y addressing both corporate and personal income taxes at once, it was Boehner’s hope to balance the interests of Republican big- and small-business allies. Indeed for many observers, tax reform remains the last, best bet … to bridge the revenue differences between Republicans and Obama and craft an effective deficit-reduction package. In the Senate, the fabled ‘Gang of Six’ relied on tax reform for deficit-reduction, and the group is showing some signs of revival this week. But wealthy interests fear the president will gain too much leverage to impose tougher standards of progressivity in the tax code — and thereby crimp their capital gains tax breaks.” http://bit.ly/qgz8XL

--THE PRESIDENT’S DAY: At 2 p.m., “the President will be interviewed [in the Map Room] by Cox Television, WRC Washington, D.C., and KYW Philadelphia about the economy and the importance of finding a balanced approach to deficit reduction. … These interviews will begin running at 5PM … [At 4:15 p.m.,] the President and the Vice President will meet with Congressional Leadership in the Cabinet Room to discuss the ongoing efforts to find a balanced approach to deficit reduction. There will be a stills only pool spray at the top of the meeting.”

WHITE HOUSE DEPARTURE LOUNGE: Bryan Jung, who started in Larry Summersland at the inauguration, then moved to Valerie Jarrettville, is leaving to get his MPP/MBA at Harvard.

TIME’S MARK HALPERIN: “Huntsman and his advisers realize that after generating a lot of preannouncement buzz, they failed to deliver a juggernaut. But they understand an iron law of politics: the media abhor an unchallenged front-runner. There’s still ample hope for whoever is positioned as the Romney alternative, especially since Republicans remain wishy-washy on his candidacy.” http://ti.me/qDwxiI

--WHO’S WHO: “Romney … announced the addition of Brian Ballard as a Florida Finance Co-Chair, and a member of the National Leadership Team. … Ballard, president of Ballard Partners Inc. in Tallahassee, [was] chief of staff to Gov. Bob Martinez from 1988-1990. In 2008, Ballard served as the McCain for President Co-Chair for Florida/National Finance Co-Chair.”

** A message from the National Retail Federation: Retail directly and indirectly provides one in four American jobs and 18 percent of U.S. GDP. With stores in every community, merchants connect daily with consumers and are a key barometer for the economy. NRF is the voice of retailers large and small. Learn more at www.nrf.com/jobs . **

Good Thursday morning. BEHIND THE CURTAIN – The office of House Majority Leader Eric Cantor (R-Va.) provides its account of yesterday afternoon’s testy meeting in the White House Cabinet Room, which ran from 4:24 p.m. to 6:16 p.m.: “Over the last several days, the White House has been walking back the savings on the Biden number. Thursday it was $2 trillion, Monday it was $1.7-1.8 trillion, Tuesday it was $1.6-1.7-1.8 trillion. This morning, our staff met with White House folks and the wrap-up from that meeting said that the WH is now at $1.5 trillion. Given those figures, Eric pointed out that wherever we are, it’s a long way from the $2.4 trillion needed to meet House GOP goals of dollar-for-dollar, so he suggested a possible short-term goal in order to avoid default. He then said to the President that since we can only reach so much in savings and you (President) keep moving the goalposts, I will move off my position of only doing one vote in order to avoid default.

“The President then got heated. He said he was willing to explain and defend his position. Said he could get well above the numbers the GOP is talking about with revenue increases. Said he wouldn’t be afraid to veto and he will take that message and defend it to the American people. Said if we default it will be a tax increase on every American. Said it is his responsibility is to the American people. Said, I have reached the point where I say, ‘Enough.’ Would Ronald Reagan be sitting here like this? I’ve reached my limit. This may bring my presidency down, but I will not yield on this. Then stormed out of the room and said we’ll see you tomorrow.

“I asked Eric about the Dem aide charge that he interrupted the meeting and asked three times about short term. This was his response: ‘I never interrupted the president, and in fact was deferential, seeking his permission to speak to him, [budget director] Jack Lew or whomever. I made the point in my opening that they were walking back the spending cut number -- that we were nowhere close. At the end, I said because we were nowhere close, I would walk back our position of no short-term in order to reach agreement if the President would agree not to veto it.’”

--A top Democrat responded: “Almost nothing that Cantor has said, in or out of the room, has been true. His main goal seems to be scoring political points -- not against Democrats, but against the Speaker of his own party. It’s pretty amazing, and kind of scary.”

--Everyone’s getting, as our Mom would say, a little hot under the collar. USA Today’s lead story: “Time, tempers short on debt talk: Nation’s bond rating could be downgraded.” … HuffPost banner: “GLOVES COME OFF” … Sam Stein: “‘Eric, don't call my bluff. I'm going to the American people on this,’ the president said, according to both Cantor and another attendee.” … Drudge banner: “OBAMA WALKS.”

--A Senate Democratic aide emails: “While no one can predict how this drama will end, one thing seems apparent: the President has just about checkmated the Republicans. At this point, the GOP seems to have only four possible moves: (1) force a default, which both Mitch McConnell and the Wall Street Journal editorial page are openly warning would be a political disaster for Republicans that would ensure Obama's reelection; (2) accept revenues in a final deal, as even Bill O'Reilly is now saying they should do; (3) accept a smaller package of cuts that doesn't meet Speaker Boehner's ‘dollar-for-dollar’ requirement; or (4) settle for a version of McConnell's ‘punt’ plan, which, after all this, would not mandate any spending cuts whatsoever. Needless to say, none of these are winning scenarios for Republicans.”

ROMNEY CONTINUES WHAT WE CALL HIS “DUST BOWL VIDEOS” – At 1:30 p.m. today, Romney will tour the hollowed-out real-estate business of Packy Campbell of Rochester, N.H., a father of five and former state legislator who recently filed for personal bankruptcy. Packy tells his story in a new web video, “Obama isn’t working: New Hampshire”: “[I]t’s just my wife and I left here in the business but at one point we had about 35 employees. … This is 4,500-square-foot building, and we are using about 1,000 square feet. … I paint a lot of houses, a lot of apartments myself. If you ever paint with somebody who doesn’t know what they’re doing, it’s like sooner or later you say, ‘Hey, stop, you’re making a mess. You’re getting paint everywhere.’ And that’s kind of what the government’s doing to the economy right now. … I’d like to take my kids to, you know, Disney World. … They have to, at their young age, learn … that we can’t do everything that we want to do.” http://mi.tt/oDLjze

LISA TODOROVICH UPDATE: “Journalist and communications consultant Lisa Todorovich Porter, who covered politics in Washington for more than a decade as Deputy Political Director at ABC News and as an executive producer at WashingtonPost.com, has joined The Lippin Group [in L.A.] as vice president of the international entertainment/communications public relations and marketing firm. … Most recently, Porter served as a consultant with entertainment clients, including Paramount Pictures. Additionally, she represented non-profit organizations, including Lamp Community, which focuses on ending homelessness on L.A.’s Skid Row.”

FAREWELL TO STEFANIE CHRISTENSEN, a tireless POLITICO media coordinator: “Starting in August, I’ll be a student in Auburn University’s agricultural economics department working on a master’s in rural sociology. … I realize that Alabama isn’t a hot spot on the campaign trail, but if you ever find yourself there please do let me know. … It’s where my heart is, and I couldn’t be more pleased to be heading home.”

GOP 2012, with Kevin Robillard (@PoliticoKevin):

--PALIN, on Hannity, on a potential timeline for a decision: "You know, August and September, you do have to start laying out a plan if you are to be one to throw your hat in the ring, so that's basically the timeframe." http://fxn.ws/r5lYeA

--RON PAUL TV AD hit airwaves in Iowa, N.H. tomorrow -- Dan Hirschhorn: “The 60-second spot, [which opens like] a Hollywood movie preview, is part of a six-figure ad buy … ‘In the ’80s, they did it to Reagan,’ a [male] narrator says. ‘A debt ceiling compromise: Democrats promising spending cuts and delivering only tax hikes. The ’90s brought more compromises.’ The ad warns that ‘the next chapter will be written,’ and images of President Obama, Harry Reid and Nancy Pelosi flash across the screen … The spot [is] set to begin airing Friday … He announced Tuesday that he won’t seek reelection to Congress next year, put in a winning bid at an auction for prime real estate at next month’s Iowa straw poll, and has built a larger political infrastructure in the early states than during his 2008 run.” YouTube http://politi.co/oUzy8k

--BEHIND THE BIOS – “The Bain of Mitt's campaign,” by Alexander Burns: “A company that laid off hundreds of employees. A federal ‘bailout’ to rescue a failing bank. Mitt Romney, at the center of it all. It’s a story line from a tough Democratic ad that was teed up for use against Romney in his 1994 Senate campaign in Massachusetts. The spot, which was provided to POLITICO, never aired. But it’s all but certain that some version of its allegations will surface [this cycle]. … Romney is touting his business career as proof he can lead a national economic turnaround. In every one of Romney’s campaigns, his time in the private sector – specifically, at the consulting firm Bain & Co. and the investment company Bain Capital – has been a double-edged credential, branding him as a savvy businessman but also tying him to countless controversial management decisions. …

“When Romney challenged Sen. Ted Kennedy in 1994, it was his connection to those two companies that played a significant role in sinking his campaign, as Democrats tied him to plant closings and worker firings. In 2012, … Bain Capital’s involvement in mass layoffs is likely to haunt Romney in a campaign focused on jobs. … The never-aired ‘bailout’ ad, shared with POLITICO by one of Kennedy’s advisers, remains an unexploded grenade from that race, underscoring Romney’s vulnerability in the first presidential election fought since the 2008 financial meltdown. … The commercial – produced for the DSCC by Doak, Shrum, Harris, Carrier, Devine – highlights Romney’s role in turning around Bain & Co. at a moment of financial distress. … [A] Boston Globe report from 1994 confirms that Bain saw several million dollars in loans forgiven by the FDIC, which had taken over Bain’s failed creditor, the Bank of New England.

“Romney aides pushed back strongly on the Democratic charge … Romney spokeswoman Andrea Saul … said that at Bain & Co., Romney ‘helped lead a successful turnaround. At Bain Capital, he helped launch and guide a private equity and financial services firm.’ Tad Devine, the former Kennedy adviser who helped produce the 1994 ad blitz, said spots like the ones Kennedy aired could take their toll again … ‘This was a guy who stepped onto the stage, looked good, sounded good, but his big claim was, “I’m a job creator,”’ Devine said of Romney’s first run. ‘We blew it up.’ … When Romney criticized President Obama over last week’s bleak unemployment report, Obama adviser David Axelrod shot back on Twitter: ‘In business, Romney made a fortune firing American workers. As governor, 47th in job creation.’ … Devine suggested that Romney was doing a decent job preparing himself to make the argument that ‘there were winners and losers in the economic sphere that he was in, but for the most part there were gains, and the gains outweigh the losses.’” http://bit.ly/pHHoMx

--“GIULIANI-2012 - First event in New Hampshire at 11:30 a.m.” --AP

MEDIAWATCH – Kate Snow moving from “Dateline” to the new weekly Brian Williams prime-time hour: “NBC News President Steve Capus announced that Kate Snow will be moving from ‘Dateline’ to join the team of correspondents for the new primetime magazine hour, effective immediately. The new broadcast, led by ‘NBC Nightly News’ anchor and managing editor Brian Williams, will feature the correspondents and anchors of NBC News, MSNBC and CNBC. Snow … will continue to serve as a fill-in for Williams on ‘Nightly News’ … In her new role with the NBC News newsmagazine, Snow will work closely with Senior Executive Producer David Corvo [and] Executive Producer Rome … Prior to NBC News, she was the anchor of the weekend edition of ‘Good Morning America’ … The live [Brian Williams] broadcast will be built around the week’s biggest and most interesting events, meaningful and in-depth stories, and timely newsmaker interviews.”

** A message from the National Retail Federation: Tens of millions of U.S. workers’ jobs depend on the retail industry. Anybody whose job results in a consumer product – from those who supply the raw materials to factory workers to the truck drivers who deliver it to the store – counts on retail as the crucial point where goods reach paying customers. With 3.6 million stores drawing on a vast array of suppliers, retail directly and indirectly accounts for 42 million jobs and $2.5 trillion of annual GDP. NRF has represented retailers for more than a century, and continues to be the “Voice of Retail in the Nation’s Capital.” Learn more at www.nrf.com/jobs. **

****** A message from the Coalition for Affordable Prescription Drugs (CAPD): The high prices that drug makers set for prescription drugs can put financial strain on patients, employers, unions and others who provide health care coverage to more than 50 percent of Americans. Pharmacy benefit managers negotiate the lowest net price for prescriptions on behalf of employers, unions and government programs. But, as list prices – the starting point for those negotiations -- continue their nearly double-digit increases, the effects ripple throughout the system. The key to ensuring greater access and affordability lies in fostering greater competition. Facilitating faster reviews of generics and biosimilars, identifying off-patent drugs with little or no generic competition, and ending anti-competitive practices that keep safe, effective alternatives out of the market are also key to abating rising drug costs for patients. Learn more at affordableprescriptiondrugs.org******

Authors:

About The Author

Mike Allen is the chief White House correspondent for POLITICO. He comes to us from Time magazine where he was their White House correspondent. Prior to that, Allen spent six years at The Washington Post, where he covered President Bush's first term, Capitol Hill, campaign finance, and the Bush, Gore and Bradley campaigns of 2000. Before turning to national politics, he covered schools and local governments in rural counties outside Fredericksburg, Va., for The Free Lance-Star, then wrote about Doug Wilder, Oliver North, Chuck Robb and the Bobbitts for the Richmond Times-Dispatch, where he nurtured police sources on overnight ride-alongs through housing projects. Allen also covered Mayor Giuliani, the Connecticut statehouse and the wacky rich of Greenwich for The New York Times. Before moving to The Times, he did stints in the Richmond and Alexandria bureaus of The Washington Post. Allen grew up in Orange County, Calif., and has a B.A. from Washington and Lee University, where he majored in politics and journalism.